In 2020, the Government of India unveiled the Pradhan Mantri Matsya Sampada Yojana (PMMSY), a scheme aimed at revolutionizing the nation’s fisheries and aquaculture sector. With a focus on the development and modernization of critical infrastructure such as fishing harbors, landing centers, fish markets, and fish-landing centers, the PMMSY has allocated a substantial outlay of about USD 2.41 billion for the five-year period from 2020 to 2024-25.

India’s Dominance in the Global Fisheries Landscape

India, proudly the world’s third-largest fish-producing country, claims approximately 8 percent of the global fish production market. Moreover, India boasts the second-highest aquaculture production globally and is recognized as one of the foremost nations in shrimp production and exports. Coastal aquaculture, particularly shrimp farming, shines as a vibrant food-producing sector that significantly contributes to India’s foreign exchange earnings. In the fiscal year 2023, frozen shrimp alone constituted nearly 70 percent of the USD 8 billion worth of seafood exports from the country.

During the recent Interim Budget announcement in 2024, the finance minister unveiled a fresh set of measures designed to propel growth within the fisheries and aquaculture sector. Under the ambit of PMMSY, the government has set an ambitious target to double aquaculture exports. Furthermore, the government has plans to establish five integrated Aqua parks, offering a comprehensive boost to the sector.

Addressing Challenges in the Seafood Industry

The Indian seafood industry has faced its fair share of challenges, including oversupply, plummeting prices, and intensified competition. Ecuador, with its competitive pricing strategy, has notably gained ground in the US, European, and other international markets, even surpassing India as the leading shrimp exporter in recent years. In light of these challenges, the efforts to enhance productivity and yields under the PMMSY scheme offer a ray of hope for both the fisheries sector and shrimp exporters alike.

This strategic move holds promise for key players in the seafood industry, notably Avanti Feeds, the largest producer of shrimp feed in India, holding a commanding 50 percent market share in the domestic feed business, and Apex Frozen Foods, a prominent integrated producer and exporter of frozen shrimp.